Hurricane

[peteno1]

I've read a couple posts that kinda said you could lose your timeshare if a hurricane hit it. My question is 1 if a hurricane destroys your timeshare do you lose it 2.if your timeshare is damaged do you have to pay more maintence fees.

 

[Timeshare Von]

I've read a couple posts that kinda said you could lose your timeshare if a hurricane hit it. My question is 1 if a hurricane destroys your timeshare do you lose it 2.if your timeshare is damaged do you have to pay more maintence fees.

I'm far from an expert, but I do recall reading about some TS owners who were hit with large SA's (special assessments) after hurricane damage, in order to restore the resort.

There were also several resorts in Florida that were uninhabitable for a year (or more) after a hurricane so in effect, yes those owners had nothing in terms of TS use in that year(s).

I don't know about what happens if a TS resort was destroyed by a catesthropic weather event (not only hurricanes, but earthquakes, mud slides, whatever).

 

[Dave M]

The answer is about the same as if a hurricane hit your house. You would still own it, but your future costs would depend on what insurance there is and how big the deductibles are.

With a timeshare, a storm that causes major damage will likely mean higher costs for you, either in the form of a SA (Special Assessment) or higher maintenance fees or both. That's because hurricane insurance is so expensive that most, if not all, timeshare resorts don't fully insure the timeshare property. They have big deductible provision in the insurance policy, which significantly reduces premiums and might well be the only insurance available.

 

[Jim McLaren]

I have friends who own a TS in Myrtle Beach and it was hit by a pretty bad storm about 20-25 years ago. The management company collected the insurance money and then closed their doors. The money just disappeared. They had a SA to try to recover but managed to barter his time (he's an electrician) to offset the SA. I think he spent a week or so that year wiring the resort. Quite a few other owners did the same kind of thing.

 

[peteno1]

well if a sd was real expensive you think it would be a have to pay like the maintence fee??

 

[peteno1]

sorry meant sa

 

[talkamotta]

When the hurricanes hit Florida a couple of years ago.

I have 5 in Florida. I didnt pay any special assessments. My Fisherman's Village which is in Punta Gorda got a direct hit. I lost a year's usuage on that one but II gave me an AC. But the units were completely refurbished and the one bedroom used to be a loft so by the trading companies guidelines it was a one bedroom after the refurbishment and closing off the loft it was determined to be a 2 bedroom.

3 of the units were unaffected, they were built to withstand hurricanes.

The timeshare in the panhandle was affected along with the rest of New Orleans, etc. I lost one year use.

All of the mf's have gone up some and they have explained it as higher insurance costs. Two of my children have bought homes in Florida. Both pay 4x's homeowners insurance than I do in Utah for the same value. People still move to Florida for the weather, they just pay the price.

I saw the affects of hurricanes that year in Cancun and Punta Gorda. We were staying at Longboat Key when the hurricane's outer bands came through. I feel very fortunate that all it cost me was some time lost and extra mf's. It still wouldnt stop me from buying a timeshare, heck, Salt Lake had a tornado come through a couple of years ago and I live on the fault.

 

[Cathyb]

Happened to us: Iniki in 1992 in Kauai, we own Pono Kai and most of the resort was damaged. Insurance took care of it all, we paid no additional fees that I am aware of. Fortunate for us we had traded that year so we didn't lose the week either. It does open up cans of worms, fighting with the insurance folks. The bright side is that we got renovated kitchens out of the misfortune.

 

[peteno1]

thank everyone now I'm not as concerned.